Final steps in foreclosure of Piper Glen; open house scheduled

2/9/2016

By: Pat Phalen
Executive Vice President, NMLS #662901

iStock_000009077366_LargeOn Feb. 6, a Sangamon County judge entered a judgment of foreclosure in the pending foreclosure action against Piper Glen Golf Club. A judgment is needed to complete a foreclosure under Illinois law.

Likewise, a sheriff’s sale is one of the final steps in the process. On March 8, a representative of the Sangamon County Sheriff’s Office will offer Piper Glen Golf Club and its personal property for sale in an auction. The successful bidder will become the owner of the property, subject to the terms and conditions of the sale and Illinois law.

Generally, in this step, the bank holding the mortgage “bids” the amount of the debt and expenses associated with the property. It is rare that another buyer shows up to bid.

Our anticipation is that INB will likely own the Piper Glen facility after March 8. At that point, we will begin negotiations with interested buyers. In the meantime, we will continue to manage and run the golf course and banquet facilities. We look forward to a successful year and bringing Piper Glen back to the prominent facility that we are all accustomed to.

Sheriff’s Auction

The terms of the sheriff’s auction will be included in a Notice of Sale to be published in the State Journal-Register, and you’ll find more details in the court file in the Office of the Circuit Clerk for Sangamon County. If you are interested in attending the auction, you should consult an attorney to ascertain your rights in and to the property and the conditions created by a sheriff’s sale under Illinois law. Illinois National Bank (INB) does not make any representations or warranties as to the terms and conditions of the sheriff’s sale, nor does INB make any representations, warranties or opinions as to the buyer’s rights, title and interest in and to the property other than those contained in the foreclosure filing.

Open House

We remain committed to the operation and preservation of the Piper Glen Golf Club. INB will hold an open house:

Time: 5 p.m.
Date: Feb. 18, 2016
Place: Piper Glen Golf Club’s Clubhouse

We’ll address any questions 2016 season pass holders or any other interested parties may have related to the foreclosure and the pending sheriff’s sale.

All Posts